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He was born in Oneonta, New York, to Jesse and Belle Fairchild. His father was a poor farmer. George and his siblings had to help their father on the farm and had little opportunity to study. He attended the local school until he was 14 years old, when he apprenticed to a printer.

Primarily self-educated, he rose to prominence through his own effort and enterprise. In 1890, he became the sole proprietor of the Oneonta Herald, a weekly newspaper. He was a pioneer in the time recording industry. In 1896, in association with his friend Harlow N. Bundy, he joined the Bundy Manufacturing Company, a time clock manufacturer, as both an investor and director. In 1900 Fairchild formed the International Time Recording Company as the selling agency of the Bundy Manufacturing Company, Willard and Frick Manufacturing Company, and Standard Time Stamp Company, which also manufactured a card recorder.

In 1911, when the Computing-Tabulating-Recording Company was formed through the efforts of Charles R. Flint, Fairchild became president of the new company. He later became chairman of the company and continued in this role when, in February 1924, CTR was renamed as IBM. He was chairman of IBM until his death on December 31, 1924.

Apart from manufacturing and journalism, Fairchild was a seasoned politician. He was elected as a Republican to the Sixtieth and to the five succeeding Congresses (March 4, 1907 – March 3, 1919) while elected delegate to Republican National Convention from New York, 1912 and 1916.

Fairchild was elected vice president of the International Peace Conference. He was appointed by President Taft on August 10, 1910, as special commissioner to the First Centenary of Mexico at Mexico City, with the rank of Minister.

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